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Borrowings and Debt Securities

12 Months Ended

Dec. 31, 2019

Borrowings and Debt Securities [Abstract]

Borrowings and Debt Securities

23.

Borrowings and Debt Securities

(1)

Borrowings and debt securities as of December 31, 2018 and 2019 are as follows:


		2018			2019
		In millions of won
Current liabilities
Short-term borrowings	￦		860,602			1,098,555
Current portion of long-term borrowings			312,994			217,579
Current portion of debt securities			6,790,778			7,545,485
Less : Current portion of discount on long-term borrowings			(972	)		(1,000	)
Less : Current portion of discount on debt securities			(1,974	)		(2,780	)
Add : Current portion of premium on debt securities			20			—

			7,961,448			8,857,839

Non-current liabilities
Long-term borrowings			3,280,015			3,411,052
Debt securities			49,905,077			55,716,183
Less : Discount on long-term borrowings			(22,000	)		(21,309	)
Less : Discount on debt securities			(89,913	)		(88,920	)
Add: Premium on debt securities			—			1,696

			53,073,179			59,018,702

	￦		61,034,627			67,876,541

(2)

Repayment schedule of borrowings and debt securities as of December 31, 2018 and 2019 are as follows:


2018
Type		Borrowings		Debt Securities
		In millions of won
Less than 1 year	￦		1,173,596		6,790,778
1~ 5 years			1,911,226		30,175,734
Over 5 years			1,368,789		19,729,343

	￦		4,453,611		56,695,855


2019
Type		Borrowings		Debt Securities
		In millions of won
Less than 1 year	￦		1,316,134		7,545,485
1~ 5 years			2,113,404		31,552,963
Over 5 years			1,297,648		24,163,220

	￦		4,727,186		63,261,668

(3)

Short-term borrowings as of December 31, 2018 and 2019 are as follows:

2018

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

In millions of won and thousands of foreign currencies

Local short-term
borrowings

KTB Investment and
securities and others

2.05~2.51

2019.01.04~

2019.02.20

—

￦

674,000

Foreign short-term
borrowings

SCNT and others

4.60~6.50

2019.12.03

USD 8,955

10,013

Foreign short-term
borrowings

BDO Unibank

6.59

2020.12.17(*)

PHP 450,000

9,581

Local bank overdraft

Nonghyup Bank

2.59~3.09

2019.01.10~

2019.12.31

—

142,773

Local bank overdraft

Woori Bank

Standard overdraft
rate+1.09

2019.02.26

—

24,235

￦

860,602

2019

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

In millions of won and thousands of foreign currencies

Local short-term
borrowings

DB financial investment and others

2.00~2.20

2020.01.13~
2020.02.05

—

￦

280,000

Foreign short-term
borrowings

LG-CNS

4.60

2020.06.30

USD 23,699

27,439

Foreign short-term
borrowings

BDO Unibank

3.92

2020.12.20

PHP 225,000

5,130

Foreign short-term
borrowings

Mizuho Bank

4.60

2020.06.30

USD 11,027

12,767

Electronic short-term
bonds

Mirae asset daewoo and others

1.72~2.20

2020.01.10~
2020.02.05

—

400,000

Local bank overdraft

Korea development Bank and others

1.98~2.75

2020.01.01~
2020.04.16

—

373,219

￦

1,098,555

(*)

The contractual maturity is 2020 but is classified as short-term borrowing due to intention of early payment in 3 months after borrowing.

(4)

Long-term borrowings as of December 31, 2018 and 2019 are as follows:


2018
Type		Interest rate (%)		Maturity	Foreign currency		Local currency
		In millions of won and thousands of foreign currencies
Local long-term borrowings
Korea Development Bank	Others	0.50		2019~2044		—	￦	4,154
	Facility	2.45~4.60		2023~2028		—		66,793
	Operating funds	2.59~3.56		2020~2021		—		67,000
	Operating funds	1yr KoFC bond rate+0.95		2020		—		14,000
Hana Bank	Commercial Paper	3M CD+0.19~0.32		2021~2023		—		950,000
	Facility	4.60		2028		—		13,781
	Facility	3yr KTB rate-1.25		2019~2028		—		8,072
IBK	PF Refinancing	CD+1.25		2030		—		22,500
Export-Import Bank of Korea	Project loans	1.50		2026		—		22,096
	Operating funds	2.21		2020		—		35,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25		2023~2025		—		5,558
	Facility	3yr KTB rate-2.25		2019~2024		—		2,589
	Project loans	—		2023		—		1,197
	Others	KTB rate -2.25		2024~2028		—		17,347
Shinhan Bank	Collateral borrowing	2.32		2019		—		30,000
	Facility	CB rate+1.10		2028		—		20,672
	Others	3.95		2035		—		103,851
	Others	Standard overdraft rate+1.00		2035		—		103,851
Kookmin Bank	Facility	3.16		2020		—		10,000
	Facility	MOR+0.79		2023		—		30,333
Others	Facility	1.75~4.60		2026~2036		—		168,080
	Facility	CB rate+1.10~1.60		2023~2036		—		52,810
	PF Refinancing	4.10		2030		—		62,500
	Others	4.50~7.90		2022~2039		—		102,347

								1,914,531

Foreign long-term borrowings
Korea Energy Agency	Project loans		—			2021~2023		USD 8,744		9,776
Export-Import Bank of Korea and others	Direct loan and others		1M Libor+1.80~ 3.20			2036		USD 123,909		138,542
	Direct loan and others		3M Libor+2.75~ 3.70			2027		JOD 158,524		249,783
	Commercial loan and others		3M Libor+1.50~ 2.50			2030~2033		USD 277,538		310,315
	PF Loan		6M Libor+1.70~ 2.50			2032		USD 126,798		141,773
	Others		3.88			2021		USD 278,105		310,427
SCNT and others	Shareholder’s loan		8.00			2031		JOD 4,853		7,647
SCNT and others	Shareholder’s loan		6.50~8.00			2023		USD 44,680		49,956
PT PJB	Shareholder’s loan		12.75			2019		IDR 5,569,304		428
Samsung Life Insurance and others	Syndicated Loan		3.10			2032		JPY 5,286,835		53,565
Woori Bank and others	Syndicated Loan		JPY 6M Libor+2.00			2032		JPY 3,410,381		34,553
SMBC and others	Equity Bridge Loan		1M Libor+0.90			2019		USD 44,019		49,218
IFC and others	Others		6M Libor+5.00			2031		PKR 25,900,420		206,944
Federal Financing Bank and others	PF loan		2.39~13.00			2031~2038		USD 102,322		114,406
Others	Others		—			2019		USD 1,025		1,145

										1,678,478

										3,593,009
Less : Discount on long-term borrowings										(22,972	)
Less : Current portion of long-term borrowings										(312,994	)
Add : Current portion of discount on long-term borrowings										972

									￦	3,258,015


2019
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
		In millions of won and thousands of foreign currencies
Local long-term borrowings
Korea Development Bank	Others	0.50	2020~2044		—	￦	3,500
	Facility	2.50~4.60	2023~2028		—		59,845
	Operating funds	2.33~3.04	2020~2022		—		55,000
	Operating funds	1yr KoFC bond rate +0.95	2020~2022		—		24,000
Hana Bank	Commercial Paper	3M CD+0.13~0.32	2021~2024		—		1,150,000
	Facility	4.60	2028		—		12,466
	Facility	3yr KTB rate-1.25	2020~2028		—		6,699
IBK	PF Refinancing	CD+1.25	2030		—		10,497
Export-Import Bank of Korea	Project loans	1.50	2026		—		19,150
	Operating funds	2.21	2020		—		35,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25	2023~2025		—		4,350
	Facility	3yr KTB rate-2.25	2020~2024		—		2,058
	Project loans	—	2023		—		1,197
	Others	KTB rate-2.25	2024~2028		—		15,696
Shinhan Bank	Facility	CB rate+1.10	2028		—		18,698
	Others	3.95	2035		—		99,146
	Others	Standard overdraft rate+1.00	2035		—		99,146
Kookmin Bank	Facility	3.16	2020		—		10,000
	Facility	MOR+0.79	2023		—		23,333
Others	Facility	1.75~6.80	2026~2036		—		390,044
	Facility	CB rate+1.10~1.60 Standard overdraft rate+2.45	2023~2036		—		111,834
	PF Refinancing	4.10	2030		—		29,159
	Others	4.50~7.90	2022~2039		—		102,348

							2,283,166

Foreign long-term borrowings
Korea Energy Agency	Project loans	—	2021~2023		USD 8,744		10,123
Export-Import Bank of Korea and others	Direct loan and others	1M Libor+1.80~3.20	2036		USD 101,912		117,994
	Direct loan and others	3M Libor+2.75~3.70	2027		JOD 146,380		239,039
	PF Loan	6M Libor+2.50~2.70	2032		USD 118,684		137,412
	Others	3.88	2021		USD 289,709		334,685
SCNT and others	Shareholder’s loan	6.50~8.00	2023		USD 13,000		15,051
	Shareholder’s loan	8.00	2031		JOD 4,853		7,925
Samsung Life Insurance and others	Syndicated Loan	3.10	2032		JPY 4,981,038		52,972
Woori Bank and others	Syndicated Loan	JPY 6M Libor+2.00	2032		JPY 3,213,121		34,171
IFC and others	Others	6M Libor+5.00	2031		PKR 37,252,930		278,652
Federal Financing Bank and others	PF Loan	2.39~13.00	2031~2038		USD 101,380		117,377
Others	Others	—	—		USD 57		64

							1,345,465

							3,628,631
Less : Discount on long-term borrowings							(22,309	)
Less : Current portion of long-term borrowings							(217,579	)
Add : Current portion of discount on long-term borrowings							1,000

						￦	3,389,743

(5)

Local debt securities as of December 31, 2018 and 2019 are as follows:


	Issue date		Maturity		Interest rate (%)		2018			2019
	In millions of won
Electricity Bonds		2010.04.08~ 2019.12.30		2020.01.12~ 2049.10.24	1.32~5.26	￦		24,480,000			28,450,000
Corporate Bonds(*)		2009.10.16~ 2019.12.19		2020.02.22~ 2049.12.19	1.29~6.00			23,223,228			24,463,577

								47,703,228			52,913,577
Less : Discount on local debt securities								(41,247	)		(42,274	)
Less : Current portion of local debt securities								(5,330,000	)		(6,340,000	)
Add : Current portion of discount on local debt securities								1,035			1,409

						￦		42,333,016			46,532,712

(*)	Corporate bonds of HeeMang Sunlight Power Co., Ltd. amounting to ￦2,697 million can be redeemed every March 31 after five years from its issue date, March 31, 2016.

(6)

Foreign debt securities as of December 31, 2018 and 2019 are as follows:


	2018
Type	Issue date		Maturity		Interest rate (%)		Foreign currency			Local currency
	In millions of won and thousands of foreign currencies
FY-96		1996.04.01~ 1996.12.06		2026.12.01~ 2096.04.01		6.00~8.37		USD 249,071	￦		278,488
FY-97		1997.01.31~ 1997.08.04		2027.02.01~ 2027.08.01		6.75~7.00		USD 314,717			351,885
FY-04		2004.04.23		2034.04.23		5.13		USD 286,920			320,805
FY-11		2011.07.13		2021.07.13		4.75		USD 500,000			559,050
FY-12		2012.09.19		2022.09.19		3.00		USD 750,000			838,575
FY-13		2013.09.26~ 2013.10.23		2019.03.26~ 2019.04.23		1.50~1.63		CHF 400,000			454,488
FY-13		2013.09.25		2020.09.25		5.75		AUD 325,000			256,038
FY-14		2014.02.11~ 2014.12.02		2019.02.11~ 2029.07.30		2.38~3.57		USD 1,500,000			1,677,150
FY-15		2015.06.15		2025.06.15		3.25		USD 300,000			335,430
FY-16		2016.01.21		2021.07.21		2.50		USD 300,000			335,430
FY-17		2017.04.12~ 2017.07.25		2020.04.12~ 2027.07.25		2.38~3.13		USD 1,100,000			1,229,910
FY-17		2017.10.30		2037.10.30		1.70		EUR 40,000			51,166
FY-17		2017.11.16		2037.11.16		2.36		SEK 450,000			56,061
FY-18		2018.01.29~ 2018.07.25		2021.01.29~ 2023.07.25		3.00~3.88		USD 1,800,000			2,012,580
FY-18		2018.03.13		2028.03.13		3.35		HKD 1,650,000			235,571

											8,992,627
Less : Discount on foreign debt securities											(50,640	)
Add : Premium on foreign debt securities											20
Less : Current portion of foreign debt securities											(1,460,778	)
Add : Current portion of discount on foreign debt securities											939
Less: Current portion of premium on foreign debt securities											(20	)

									￦		7,482,148


	2019
Type	Issue date		Maturity		Interest rate (%)	Foreign currency			Local currency
	In millions of won and thousands of foreign currencies
FY-96		1996.04.01~ 1996.12.06		2026.12.01~ 2096.04.01	6.00~7.95		USD 249,074	￦		288,379
FY-97		1997.01.31~ 1997.08.04		2027.02.01~ 2027.08.01	6.75~7.00		USD 314,717			364,379
FY-04		2004.04.23		2034.04.23	5.13		USD 286,920			332,196
FY-11		2011.07.13		2021.07.13	4.75		USD 500,000			578,900
FY-12		2012.09.19		2022.09.19	3.00		USD 750,000			868,350
FY-13		2013.09.25		2020.09.25	5.75		AUD 325,000			263,361
FY-14		2014.07.30~ 2014.12.02		2020.06.02~ 2029.07.30	2.50~3.57		USD 600,000			694,680
FY-15		2015.06.15		2025.06.15	3.25		USD 300,000			347,340
FY-16		2016.01.21		2021.07.21	2.50		USD 300,000			347,340
FY-17		2017.04.12~ 2017.07.25		2020.04.12~ 2027.07.25	2.38~3.13		USD 1,100,000			1,273,580
FY-17		2017.10.30		2037.10.30	1.70		EUR 40,000			51,897
FY-17		2017.11.16		2037.11.16	2.36		SEK 450,000			55,737
FY-18		2018.01.29~ 2018.07.25		2021.01.29~ 2023.07.25	3.00~3.88		USD 1,800,000			2,084,040
FY-18		2018.03.13		2028.03.13	3.35		HKD 1,650,000			245,289
FY-19		2019.01.22~ 2019.06.24		2022.01.22~ 2024.06.24	2.50~3.38		USD 800,000			926,240
FY-19		2019.02.27		2024.02.27	0.13		CHF 200,000			239,104
FY-19		2019.07.19		2024.07.19~ 2027.07.19	0~0.05		CHF 300,000			358,656
FY-19		2019.07.22		2022.07.22	2.38		USD 300,000			347,340
FY-19		2019.10.31		2024.10.30	3M BBSW+97bp		AUD 300,000			243,102
FY-19		2019.12.19		2037.12.31	3.3~5.7		USD 378,460			438,181

										10,348,091
Less : Discount on foreign debt securities										(49,426	)
Add : Premium on foreign debt securities										1,696
Less : Current portion of foreign debt securities										(1,205,485	)
Add : Current portion of discount on foreign debt securities										1,371

								￦		9,096,247

(7)

Changes in borrowings and debt securities for the years ended December 31, 2018 and 2019 are as follows:


		2018			2019
		In millions of won
Beginning balance	￦		54,747,392			61,034,627
Cash flow			5,972,336			6,342,074
Effect of exchange rate fluctuations			322,515			494,414
Increase from the business combination			—			2,900
Others			(7,616	)		2,526

Ending balance	￦		61,034,627			67,876,541